This retrospective essay examines six decades of work on rice price stabilization and food security in Asia, emphasizing the critical role of stable rice prices in promoting pro-poor growth, economic development, and political stability. Based on extensive policy engagement in countries such as Indonesia, Vietnam, and China, the analysis highlights the limitations of standard economic models that discourage government intervention in food markets.
A macroeconomic and behavioral framework is proposed as a more appropriate basis for understanding food price dynamics. Historical episodes, including the 2007/08 and 2022 food crises, illustrate how strategic grain reserves, trade policies, and targeted subsidies can effectively reduce volatility and avert social and political unrest.
Food price stability is presented as both an economic necessity and a behavioral imperative, grounded in psychological preferences for predictability and security. The concept of a “behavioral political economy” is advanced to guide policy design that prioritizes citizen welfare. Drawing from decades of empirical experience and scholarship, the essay offers actionable insights for addressing contemporary challenges in global food systems.
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